Trading analysis

AUD/USD (a 4-hour chart)

General overview

Weak U.S. labor market data helped the AUD/USD pair to extend its recovery from two-week lows.

Current situation

Technically, the price maintained its bearish tone. The AUD/USD is in a short-term descending channel. After a 4-day decrease the price seems to have found a strong support around 0.7550 where it formed a consolidation range – 0.7550 and 0.7590. The Aussie tried to break above the moving averages, however, the 200-EMA stopped its growth. The 50, 100 and 200 EMAs are turning downwards. The resistance is at 0.7600, the support stands at 0.7540.

MACD grew which indicates the sellers’ positions weakening. RSI is within the oversold area.

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